Price Analysis

Will Ethereum (ETH) Price Retest $2800 Level This Weekend Or Rebound Above $3100?

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Apr 22, 2022

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Today, the crypto market opened with a sharp decline where major cryptocurrencies have been bleeding red. Bitcoin has dropped to the $40,000 level and Ethereum, the second-largest crypto by market cap has seen a decline towards the $3,00 level leading other altcoins too on a red note.

At the time of reporting, Ethereum is changing hands at $2,992 with a plunge of 2.98% over the last 24hrs.

Also Read: Top Reasons Why Ethereum (ETH) is Set To Outperform Bitcoin in 2022

Ethereum On A Bearish Pull

The lead altcoin, Ethereum, struggled to clear the price move above the $3,150 resistance zone. The ETH price did form a high at $3,179 before the start of the price decline. This decline in price movement led the second-largest crypto by market cap to break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD.

The Ethereum price bottomed below the 50% Fib retracement level from the high of $3,197 to the low of $2,880. Now it seems like Ethereum bulls are fighting against a 76.4% Fib retracement level. The initial resistance lies at $3,020 level. This resistance is followed by a $3,030 resistance barrier.

ETH price

If the bulls manage to surpass the $3,030 level along with overtaking the $3,060 and the 100 hourly simple moving average, Ethereum price could start afresh rise in the near term and see a rally towards the $3,150 level.

On the flip side if Ethereum fails to maintain its price movement above the $3,030 level, then the price could see a downfall. The initial downside support for ETH lies near the $2,970 range.

Hence, if the bulls give up the rally and fall below the $2,970 range, the next support lies at $2,950 followed by the $2,880 zone.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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